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22 <br />CITY OF ST. ANTHONY <br />RESOLUTION NO. 07-067 <br />RESOLUTION RELATING TO A SIXTH AMENDMENT TO A REDEVELOPMENT <br />AGREEMENT BY AND AMONG THE CITY OF SAINT ANTHONY, MINNESOTA, <br />THE IIOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT <br />ANTHONY, MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE <br />"DEVELOPER"), DATED DECEMBER 19, 2003. <br />WIIEREAS, the City of St. Anthony (the "City") and the St. Anthony Housing and <br />Redevelopment Authority (the "Authority") entered into the referenced <br />agreement regarding an area located in the northwest portion of the City (the <br />"Agreement"); and <br />WI IEREAS, pursuant to the Agreement, the Developer agreed to develop a development in <br />multiple Phases or Elements, including the Phase IB For Sale Housing <br />Development or Element consisting of an initial 128 units of for sate housing, <br />subject to final plans to be approved by the City; and <br />WHEREAS, under Section 10.1 of the Redevelopment Agreement (as amended by the Fifth <br />Amendment to Redevelopment Agreement dated November 11, 2006 (the "Fifth <br />Amendment')), the Developer agreed to commence construction of the Phase <br />IB -1 For Sale Housing Development by September 1, 2007, and the Developer <br />has failed to do so; and <br />WHEREAS, under Section 10.1 of the Redevelopment Agreement (as amended by the Fifth <br />Amendment), the Developer agreed to commence construction of the Phase IB -2 For <br />Sale Housing Development by September 1, 2008; and <br />WHEREAS, due to current market conditions and financing requirements, the Developer has <br />requested that Section 10.1 of the Redevelopment Agreement be amended to require <br />construction to commence on Phase IB -1 by September 1, 2008, and on Phase 1I3-2 by <br />September 1, 2009; and <br />WHEREAS, a Sixth Amendment to the Agreement has been prepared to address these issues. <br />NOW, THEREFORE, BE IT RESOLVED, by the City of St. Anthony, Minnesota as <br />follows: <br />That the Mayor and City Manager are authorized to enter into a Sixth Amendment to <br />Redevelopment Agreement by and among the City of Saint Anthony, Minnesota, the <br />Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota, and <br />Apache Redevelopment, LLC. <br />